Court To Consider Coinbase’s Lawsuit Against SEC In Insider Trading Case?
Former Coinbase product manager Ishan Wahi seeks imprisonment term to be reduced to 10 months after he pleaded guilty to insider trading charges. Wahi’s sentencing hearing is scheduled on May 9, which is crypto’s first-ever insider trading case brought by the U.S. Securities and Exchange Commission (SEC), with Coinbase repeatedly challenging the SEC.
Former Coinbase Employee Requests 10-Months Prison Sentence
According to the court filing on April 26, Ishan Wahi has filed a sentencing memorandum in the US District Court for the South District of New York. Ishan Wahi faces a sentencing hearing on May 9, which could send him to jail for many years.
Defendant Ishan Wahi requested a sentence of no more than 10 months for his insider trading charges, considering his social and personal responsibilities, and good history. Lawyers representing Wahi believe it would be sufficient to impose 10-months jail term, but not excessive, punishment for the crimes of conviction.
The SEC accused former Coinbase executive Ishan Wahi, along with Ishan’s brother Nikhil and their friend Sameer Ramani of engaging in insider trading. Both Wahi brothers have pled guilty, with Nikhil being sentenced to 10 months. Ishan Wahi is also seeking a similar sentence next month.
Also Read: Coinbase (COIN) Price Shoots Pre-Market Amid Uncertain Regulatory Battle
Last month, Coinbase filed an amicus brief in the SEC v. Wahi insider trading case asking the court to dismiss the misguided lawsuit. Coinbase strongly argues that it doesn’t list securities and petitioned the SEC to make rules on digital asset securities as the existing rules don’t apply to digital assets.
The Blockchain Association and the Chamber of Digital Commerce also filed amicus briefs separately asking the court to dismiss the lawsuit as old securities rules don’t adhere to digital assets.
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